JPMorgan Chase & Co Chief Executive Officer Jamie Dimon warned on Monday that sweeping tariffs introduced by the US administration may drive consumer prices up.

"We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products," Dimon said in a letter to shareholders, ensuring that the tariff policies will slow the pace of growth and raise recession concerns. He further stressed that duties provoked "many uncertainties," including their effects on the dollar and global capital flows. "In the short run, I see this as one large additional straw on the camel's back," he pointed out.

Earlier, billionaire hedge fund manager Bill Ackman claimed President Donald Trump was losing business leaders' confidence due to tariff policies. He claimed that tariffs impact on the US and its citizens will be "severely negative." "This is not what we voted for," he said in a post on X.